Jefferies India established a base-case target price of ₹2,085 for the National Stock Exchange, alongside an upside projection of ₹2,300 and a downside estimate of ₹1,600. The exchange acts as a natural hedge against market volatility because premium-based options create a positive revenue correlation with the VIX. Operational revenue growth is forecast to accelerate to a 15% compound annual rate over FY27–29 following an interim period of regulatory absorption. In addition, operating efficiency is slated to improve, with EBITDA margins climbing 200 basis points to reach 78% by FY29.
Key points
Jefferies projects up to a 29% stock gain under an upside target of ₹2,300 and a 17% retu…: Jefferies projects up to a 29% stock gain under an upside target of ₹2,300 and a 17% return in its base scenario.
NSE revenues benefit from market volatility due to a positive correlation with the VIX dr…: NSE revenues benefit from market volatility due to a positive correlation with the VIX driven by premium-based options.
EBITDA margins are expected to expand by 200 basis points to reach 78% by FY29 on prior t…: EBITDA margins are expected to expand by 200 basis points to reach 78% by FY29 on prior tech investments and new ventures.
Sources checked by our analysis pipeline: 1
Stocks to buy today | Jefferies India stock recommendations | Shares to buy today: The NSE shares have been reeling under the upper price band of ₹1,785 after hitting the record high of ₹1,878 per share on the listing date. NSE share price finished at ₹1777.05 per share on the BSE on Wednesday. However, Jefferies India is still bullish on NSE shares, provided there is a trend reversal on Dalal Street. The global investment bank has set the NSE share price target of ₹2,300 for long-term investors in the upside scenario. The Jefferies India report has also noted that, in the event of a downside trend, the NSE share may touch ₹1,600. In the base-case scenario, the NSE share price may touch ₹2,085 apiece, delivering around 17% returns to long-term investors.
Calling NSE a hedge against volatility, the Jefferies India report said that India has seen a 4x increase in direct equity investors since COVID, led by younger cohorts. Yet penetration is only 3% of the population vs. 18% in China. Besides structural tailwinds, exchanges offer a volatility hedge, as…
Shares of the energy giant are pushing higher during today's trading session amid notable buying interest. While the upward momentum is evident in the market, the precise catalysts fueling the advance currently remain unconfirmed. Investors are actively watching the firm as further clarity regarding the sudden shift develops.
Robust buying momentum following the telecom giant's market entry has elevated its valuation past key domestic rivals to trail only its parent conglomerate. Analysts attribute this strong institutional interest to dominant market shares across wireless, home broadband, and data transmission segments. While brokerages project steady mid-teens earnings expansion, market observers caution that sustaining these gains depends heavily on forthcoming tariff adjustments and quarterly operational discipline.
Investors reacted swiftly to missed Wall Street expectations and mounting worries surrounding the company's core advertising performance, triggering an after-hours selloff. A massive non-cash hit from an $8.7 billion loss on equity securities weighed heavily on bottom-line profits despite otherwise solid top-line expansion. The market pullback extends a recent slump, though sustained artificial intelligence demand helped drive double-digit growth across key operating divisions.